Can I capture large special assessment on our investment condo in Tubotax Premium? Also installed a new HVAC system.

jbmafisher · ‎January 30, 2024

KrisD15 · ‎January 30, 2024

If this is a rental, the assessment would be listed as an asset and depreciated over the life of the item it paid for, such as an elevator.

Yes, TurboTax Premium reports rental income.

Yes, the HVAC would be a depreciable asset as well. (27.5 years)

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jbmafisher · ‎January 30, 2024

Yes, great - thanks!

But, can I capture the special assessment and HVAC expense in TurboTax Premium?

JulieS · ‎January 30, 2024

Yes, those forms are in TurboTax Premium. You enter them in the assets section of your rental income and expense section.

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jbmafisher · ‎January 31, 2024

Many thanks!

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